First Person: Facing Foreclosure

[runnner17]

This dude had no business buying a house!!!

[sha370z]

1996 $140,000 for five bed room 2005 $400,000 for old nasty house 100 year old

just nasty

[ANYSIA000]

If you want to stop your foreclosure go to icansuemylender. com they can help you with anything form getting your house back after you have been foreclosured on or delaying the sale on your home! If you want to keep you home please go to icansuemylender. com

[mjpitche]

The government gave banks tons of our tax dollars so they could stay afloat. Now they are able to just forclose on people and have staying power whereas before the bailouts, then would have had to work with people like this guy. The rich alsways get richer on that backs of the poor and middle class.

[blaknoizee]

@mjpitche yes and thats the sad thing. Nobody wants to understand that fact and the news corps dont show that fact, they just blast lies to our eyes and ears. Which... the internet now shows the real truth and the Government is trying to cover all that up as well. We cant let them destroy us... I'm only 24, I want a life :(

[luc649]

not very long ago, a man could go in the forest...chop his own tree...mill his own lumber and build his own house and call it HIS! and everybody would respect that...today nobody OWN anything (exept for a very few) it is all an elusion...the system,the bankers,the elites or whatever you want to call them...OWN YOU !

[Modacolorist]

This is a set up. Why do the banks need so many empty houses?

[Armoredlamb]

@Modacolorist lol? what? they dont want any empty houses. its $ out of their pockets when ppl dont pay mortage.

[farmboycarl]

It's not your fault man. Prices will contine to decline because the financing that was used to build up your property values was instantly removed. We would have all been better off without the creative financing Wall Street invented, but it was nessesary to sell the 20 million new homes like your that should have never been built. Now prices have no choice but to collapse further, and your government will not do one single thing to stop it. Why? Because it was their failings that caused it.

[The7legacy]

They need to show things like this on t.v. & not a bunch of bullshit.

This is REAL LIFE here.

[xrangerx]

live within your means, people paying only 10% as a down payment just sickens me.

[tengtengteng10]

My tip for everyone...SAVE, SAVE, SAVE your money for emergencies. Dont learn the hard way

[1ChocletDrop]

this is my plan dont pay your mortgage stay in your home as long as u can save $ /rent 2007,2009 2010,2011 ,buy in 2012 ,2013 when this mess is sure to be over,people who pay under $1300 for you home a month stay in it ,or if you lived there over 6years ,buying a home is only done 4 a nest egg/renting is done 4keepin yo ass from freezin.with no equity in your home ,its like paying double to rent with no nest egg homes are a broken EGG!

[abbittibbi1]

All of this is fictionnal, money is created through loans. ''Value'' is fictionnal. Economy is as well, sheeps

A contract implicates that both parties put foward and share same risk amount. When you issue a loan, the only one taking a risk is you. The bank(or loaner) do nothing, nothing but create a loan sheet which they turn into ''money'' based on the ''item'' value, which in turn can be turned into a new loan.

The american dream as it's always been. NOW WAKE UP! It's crap.

Sleep well.

[tengtengteng10]

We should stop calling it The American Dream and call it the American Illusion because none of so called homeowners own the LAND anyways. Government owns EVERYTHING even us.

[notmymother]

we bought for $366K my home is now worth $200k  Quit your crying

[mongobobo]

3.5 x your annual income = a home you can mortgage

[SinCityMadBaker]

"F" a house....Our home is worth $100,000 less than we paid for it and there are no jobs in Las Vegas..Walking away from it in 2 weeks...they can kiss my whole entire ass!

[sickwiththetruth]

I totally feel you on this one. Even when there are jobs in Las Vegas they don't pay shit. All these companies that have come to Las Vegas get away with paying close to nothing. Not to mention how greedy Las Vegas utility companies are. Every other month some type of rate hike from Nevada Power, Cox, the gas company or the phone company. Las Vegas fuckin sucks. We all should walk away from our homes and let the economy in Las Vegas collapse.

[cratesors]

It's a good idea to let Las Vegas collapse. That city is in its own, an abuse against nature... A city right in the desert that has to spend large amounts of energy just to keep cool during summer... ohhhhhhhh!.. and an ugly city, if it could be called a city. You people in the USA shoud build more sustainable cities like New York in which people is able to use the space and resources in a more efficent way.

[sickwiththetruth]

But New York is so filled with crime and it gets way too cold. Doesn't New York use up just as much energy heating their houses in the winter as we do cooling our houses in the summer? But you are so right about this dirty ass town Las Vegas. It is filled with the ills of society and all the greed you will ever see. Even our Mayor is associated with the underbelly of crime.

[sickwiththetruth]

He says his property values have dropped. Try coming to Las Vegas. Houses have dropped from $320,000 down to $150,000. Now that is a huge drop. I say we all walk away from our homes. Why not rent? We can avoid taxes, homeowner insurance, high association dues and home maintenance. Let's all walk away and let the economy collapse. Let's see if Congress will listen then.

[Kathryn6586]

i dont want to sound mean but most of these people are just irresponsible when it comes to their money...i see so many situations where the men are out working hard and their wives have no jobs...no kids, but they still dont work. GET OFF UR LAZY ASS AND GET A JOB SO THAT U CAN HELP PAY THE MORTGAGE.

[Rackie888]

I think it is pretty harsh how you can judge people like that. It is not easy to get a job. I moved out of state for my spouses work and I have been looking for a job for almost 7 months. I have an MBA for crying out loud. I interview 5 times a week and send out over 150 applications a week. So are you calling me lazy? You probably have a job as a bill collector making $10 an hour which requires no skills or schooling. Some people shouldn't have to settle for less.

[carlosred2000]

I AGREE i think most people foreclosing didnt save up that cushion or the down payment!...

[Kathryn6586]

As a mortgage collector i deal with this all day...in most cases these homeowners have bit off more than they can chew. When gas prices go up and then they can't afford their mortage...they expect the bank to just lower their pymts. People need to realize that the economy changes and if you can't afford to pay ur mortgage and have enough cushion left over for emergencies then u need to sell your home and start renting something cheaper.

[Rackie888]

I didn't even read your second comment, but I was right!!! You are a stupid mortgage collector who thinks they know everything. When it costs someone an extra $600 a month to put gas in their car it can be tough.

[mbraase]

If it costs you $600/month for gas, you need to either buy a more fuel efficient car, or move closer than 85 miles from your workplace. 600/month at the previous price of $3.50/gallon with an average of 20 miles per gallon and 20 work days/month comes out to about 170 miles round trip to work and back. If it costs you that much in gas, then you are too stupid to own a house and you need to be a renter. You shouldn't own a house when you can't make payments because gas prices go up

[StanGrad97]

Well aren't you just the "know it all" asshole! Pray you don't find yourelf in a similar situation based on today's economic turmoil. Oh wait I forget...you still live in the broke down car parked in front of your parents trailer home. Fucking shithead!

[mbraase]

Hey, what crawled up your ass today? Did that rant make you feel better? Maybe you should just sit down until you cool off a bit. LOL. Why would I find myself in a situtation based on today's economic turmoil? We're in a recession, but I'm not participating. I look around, and nothing in my life has changed. I've made good decisions so far and I'm not hurting because of it. Maybe you need to look in the mirror and figure out what the real cause of your anger is. Because it isn't me!

[sickwiththetruth]

We all need to just walk away from the homes. Take the hit to our credit and get on with our lives. Just think, no more big mortgage payments, no insurance or taxes to pay. Oh and let's not forget about the association dues that keep going up for no reason. Also, home maintenance would no longer be an issue. We all need to walk away, maybe that would get the attention of Congress and you would not have a job as a mortgage collector. lol

[mbraase]

Or people just need to be responsible and not buy houses that they can't afford. People want their payments reduced. Well, if their house values went up, would they stand for the banks raising their payments to reflect the higher value? Go ahead, take a hit on your credit. The market is correcting itself after too much government intervention. After the correction, you will be able to buy again.....oops, I forgot. You will have a foreclosure on your record. Wait 7 years and you can buy again.

[sickwiththetruth]

People have always lived well beyond their means. This is the American way. Look at all the upper middle class and wealthy people who bite off more than they can chew and then file bankruptcy. Which is one of the reason's that the bankruptcy laws were changed. This isn't new, it is just the economy has taken a turn for the worse. But I too will probably end up doing a loan mod. Only I will go straight through an Attorney.

[sickwiththetruth]

Please, I can always buy in one of my relatives names. Please, there is always away around credit issues.

[mbraase]

True, you can buy with a relative on the mortgage, and they will be on the hook. Did you know that if you walk away from a mortgage, and the house is foreclosed, if you owe $200K on the house and the bank sells it for $150K, they can go to the judge and get a defficiency judgement against you for the remaining amount. That's $50K you now owe. Yes you can file bankruptcy, but the rules have changed, and it's harder to get debts abolished with the stricter rules. There are always consequences.

[sickwiththetruth]

You can't get blood from a turnip my friend. Let them try to come after me for the deficiency, they will not get it.

[sickwiththetruth]

Who can sell their house in this economy when people are losing their jobs left and right. Please, people need to walk away from their homes, file bankruptcy and start over in a few years. But of course that would affect your job as a bill collector. But hell, you probably don't make much more than minimum wage anyway.

[uprforlife]

Call american loss mitigation

888.300.2941

they helped me!

[ciro9]

"The Change We Need" must come from the Federal government.This sub prime mortgage mess would have never happened if "We the People" who do not have high paying jobs would have been granted the right to borrow a low interest home mortgage loan based on income directly from the Federal Reserve Bank which should be nationalized for the moderate income working class people of our nation. Leaving it up to the bank's to help is akin to putting the fox in the hen house to protect them.

[jasper777777]

I feel sorry for this guy- everyone who works deserves to have a house- why are you people being so mean— besides the people who gave out these loans scammed people into believing it would work out for them- many of them got commissions for giving out loans.

[TheOriginalBedazzler]

Sorry. I live in NY and my TAXES are $1200 a month. If you cant afford a mortgage of $1100 a month, you dont belong in a house. Get an appartment somewhere or get your self a decent job (or two).

[StanGrad97]

You are an asshole! You better pray you don't find yourself in a similar situation one day. This man was most likely a victim of the subprime lending frenzy but dont cancel him out like that for at least trying to pursue the "american dream" Fuck you...just fuck..you and your terrible comment!

[Rackie888]

I agree with this statement 100%. Just because you can afford the payments doesn't mean you can afford the house. We wanted to buy a new house in the state we just moved to, but the taxes would make our payments go up almost $800 a month. Taxes and insurance is something everyone needs to consider when purchasing a home and if they can afford it.

[ann4life222]

If I was in this guys position I would start renting out a couple rooms in my home.

[gordyt99]

Let's all hope that Darnell rebuilds his life and eventually gets the last laugh at his lender.

[Spurgeon123]

It takes about 10 minutes to learn how to operate a forklift, please learn a trade I wouldnt even dream that I could afford a home and raise a family because I took 10 minutes out of my life to learn how to operate a forklift. Get real, Get to work

[Spurgeon123]

Its called life How about this, we'll just give you the house if you stop working and a free gas card. I know, why not let your neighbors pay for your mortgage and buy you groceries. Or you could get another job by increasing your skill level, go to school at night or pickup a second job but that would be too much like work, I understand Im Obama

[cindywalker7125]

Just a correction...biggest client is FNMA. I currently have 68% of their properties. I would love to work myself out of a job and keep people in their homes!

[cindywalker7125]

This makes me so angry...The truly biggest problem is servicers (they are finally trying to work w/borrowers)when it's too late for many. They are overwhelmed and not having..HIRE MORE PEOPLE TO HELP!!! Not to foreclose! You're going to hate this idea, but should get Realtors involved to HELP people stay in their homes...I am one, but I've also been in mortgage servicing. My last job, reduced fc rate by 50% in 60 days. That was by working with people! I now manage FC's,my biggest clent is FBNA

[bhite41]

The USA mortgage market is a joke, unfortunately the punchline was on the poor and unprotected sub-prime consumers. "Sub-prime" really means people who have less rights than the rich. There is no more Constitution or Bill of Rights, this country is a Zionist free for all. If not then why would a Zionist religious day be a day off for Wall Street? What percent of the USA is Jewish? Why not take MLK Day off? What percent are black? Cinco de Mayo? The USA used to mean so much more than now. BS...

[97pattan]

It all boils down to the people wanting to live off their means by buying what they cannot afford and hence inflating the value of property in this country and now putting the blame on the government for the wrong value of their property. But then, if the facilities was not created....blah blah..

When crisis occur nobody should blame anybody because nobody was able to anticipate it. So start solving the problem instead of wasting time blaming on each others.

[Tobes500]

Sounds like you have a personal problem. Sounds like you bought a home you couldnt afford.

Sounds like maybe you should have read before you signed.

[gearzone2611]

Its unbelievable to think that a person paying mortgage. But still must face foreclosure! It just saying, when you buy a house or rent a house. There is NO such thing as security/privacy! Its like there were no negotations were upheld. How sad to think this is what's happening in the land that we called "Freedom". In fact, theres no such thing anyway right now! The US Corporate is so montrous. Its not controlled by the people. But controlled and manipulated in ways of socialistic views. How sad!

[sniper6081]

Damn those are big houses. Are you sure you were able to afford that mortgage when you first got it? Maybe you should've gotten a smaller house.

[DonkeyFist]

While people are going to thumbs down our comments this is the truth, Americans OVER CONSUME in nearly all aspects of life. We drive expensive cars, we eat too much food, and we buy houses well out of our price range.

People need to be more humble in our country and rent a small apartment or live in smaller houses in cities and not flee to the suburbs.

The fault is with the banks and our pathetic government 90% of the way but the other 10% of for people who live BEYOND their means with CREDIT

[Biitch420]

We have too much opportunity in this country. That's why everyone is so tight in their expectations of things you've mentioned. I agree though.

[monkeyman1140]

The problem is the banks who played hard and fast with our mortgages, lost their shirts and now we have to suffer. It has nothing to do with people getting too big houses, since they could afford them, at least until the banks started jacking up rates to compensate for their self-inflicted losses

[sniper6081]

Exactly. I couldn't have said it better myself.

[FundedByTheMob]

Over consumption is definitely the devil in disguise here. Society and the pressure to fit into these material surroundings is so imminent out here that consumings norms are outrageous ...

Nevertheless, it's also a system that prays on this fact...

If you get duped to sign that type of mortgage from the get-go on a house you may not have been able to afford, you got to get your "chess-mindset" on lock - rethink longterm financial strategies..

[frogzkande]

DonkeyFist, thank you for being the only one to make an intelligent comment. People are so quick to judge other people.

[yogeedogee]

I agree. It wasn't like this until recent years. People seem to NEED granite counter tops NOW! It has become almost like a disease. It may have something to do with the raising of credit limits on credit cards, which started in the 1990s. Mine went from $500. to 25 grand!!! I never got close to the limit, but I'm sure many people have.

[ionthegravity]

Not flee to the suburbs?? funny, I thought Americans had the freedom to live anywhere they wanted as long as they could afford it

[DonkeyFist]

That's the point...they couldn't afford to live in the suburbs and now we have a sub-prime mortage crisis ruining the banks

[upabittoolate]

you're right & the energy companies should tell us what light bulbs to buy in order to conserve energy. the petro companies should tell us what car to buy too. OR, maybe the big man is being taken care of & the little guy shoulders the blame

[sniper6081]

It's all of that. None of you are wrong. It's things like these that created this mess and now they want to add more wood to the fire.

[upabittoolate]

i guess what i'm trying to say is that most conservatives would complain that someone else is telling them how to live their life. they'd complain that liberals are trying to control them instead of actually addressing the real issue. why? because they want the giant house & the SUV and don't like being told that they can't have them. then again, who does?

[sniper6081]

I'm not sure what you're driving at here.

[upabittoolate]

it's not directed at you, i'm just venting. i have a friend who is a declared paleoconservative. he complains that democrats try to tell people how to live their lives but ignores the fact that poor bank management has created this situation. incidentally, he has a V8 4cab silverado, works as a bartender & doesn't report his income while his wife pays all the bills. at the same time, he (& other conservatives) believes that somehow, poor people are to blame because they want to own homes too.

[yogeedogee]

If the bartender and his wife can afford the home and have good credit, then they could get a home.The problem with the poor----they cannot afford the house in the first place. Why should the banks take the risk of lending thousands of dollars to them under any circumstances? Our government forced them loan money to the poor!

[markclark5]

the poor should be given guaranteed loans to train or further educate themselves so they can put themselves into a position to afford those mortgages, not to buy things they can't afford...I would think that was a no brainer

[encantoman]

Its all relative right? The next wave of foreclosures are the going to happen in ALT-A, where people made the same mistake, buying too much house.

[upabittoolate]

i suppose it's quizzical to me that right wing people can't quite see that the real republicans don't care what happens to joe sixpack & sally saltoftheearth. they only care about their own 7-8 figure bottom lines & everyone else be damned. sure, people have defaulted on loans BUT, if it's the banks management's right to poorly manage macrofinance, it's private citizens' right to poorly manage microfinance too. the only problem is that now, those same citizens foot ALL the bills. that's bullshit

[EVM3point0]

this is what happens whens your dependent on an evil organization.

[lookingforghosts]

We are right there with ya Buddy...

[2004JETTA]

so sad